Corporations: Share Capital, Retained Earnings, and Financial Reporting

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問題一覧

It separately report contributed capital and accumulated profits in accordance with some legal provisions.

corporations

The owner's equity section of a corporation's STATEMENT OF FINANCIAL POSITION is called _____

shareholders equity

_____ has two major components—SHARE CAPITAL (contributed or paid-in capital) and RETAINED EARNINGS.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY has two major components—_______ (contributed or paid-in capital) and ______.

SHARE CAPITAL RETAINED EARNINGS

SHAREHOLDERS' EQUITY has two major components—SHARE CAPITAL (________) and RETAINED EARNINGS.

contributed or paid-in capital

Reflects the amount of resources received by a corporation as a result of investment by shareholders, donations or other share capital transactions.

share capital

_______ (or accumulated profits or losses) is the amount of capital accumulated and retained through the profitable operations of the business.

RETAINED EARNINGS

RETAINED EARNINGS (or ______) is the amount of capital accumulated and retained through the profitable operations of the business.

accumulated profits or losses

It is the shares to be subscribe and paid in or secured to be paid in by the shareholders, either in money, property or services, at the time of organization of the corporation or afterwards, and upon which it is to conduct its operations.

share capital

The SHARE CAPITAL, contributed or paid-in capital is further divided into the following:

legal capital share premium

Capital contributed by shareholders comes from the sale of _____.

shares of stock

The SHARES OF STOCK ISSUED are generally referred to as ______

share capital

Is that portion of the contributed capital or the minimum amount of paid-in capital, which must remain in the corporation for the protection of corporate creditors.

legal capital

In case of ______ shares, LEGAL CAPITAL is the aggregate par value of ALL ISSUED AND SUBSCRIBED SHARES.

PAR VALUE

In case of PAR VALUE shares, ______ is the aggregate par value of ALL ISSUED AND SUBSCRIBED SHARES.

LEGAL CAPITAL

In case of PAR VALUE shares, LEGAL CAPITAL is the aggregate par value of ______.

ALL ISSUED AND SUBSCRIBED SHARES

In case of _____, LEGAL CAPITAL is the TOTAL CONSIDERATION received by the corporation for the issuance of its shares to the shareholders including the excess of issue price over the stated value.

NO PAR SHARES

In case of NO PAR SHARES, _______ is the TOTAL CONSIDERATION received by the corporation for the issuance of its shares to the shareholders including the excess of issue price over the stated value.

LEGAL CAPITAL

In case of NO PAR SHARES, LEGAL CAPITAL is the ______ received by the corporation for the issuance of its shares to the shareholders including the excess of issue price over the stated value.

It is the portion of the paid-in capital representing amounts paid by the shareholders in EXCESS OF PAR.

share premium or additional paid-in capital

It may also result from transactions involving treasury stocks, retirement of shares, donated capital, shared dividends and other "gain" on the corporations own stock transactions.

share premium

What are the two basic types of shares?

ordinary share and preference share

______ is divided into transferable SHARES OF STOCKS.

SHARE CAPITAL

SHARE CAPITAL is divided into transferable _______.

SHARES OF STOCKS

A ______ represents the interest or right of a shareholder in a corporation and this evidenced by a CERTIFICATE OF STOCK.

SHARE OF STOCK

A SHARE OF STOCK represents the interest or right of a shareholder in a corporation and this evidenced by a _______.

CERTIFICATE OF STOCK

______ includes all types of ownership shares in a corporation.

Share capital

This share represents the basic ownership class of the corporation.

ordinary share

When only one class of share is issued, it must be _______.

ordinary share

_____ are the entity's residual equity.

ordinary share

This share gives its owner a certain advantages over ordinary shareholders.

preference share

These special benefits relate either to the receipt of dividends when declared before the ordinary shareholders (PREFERRED AS TO DIVIDENDS) or to priority claims on assets in the event of corporate liquidation (PREFERRED AS TO ASSETS)

preference share

Preference Share's special benefits relate either to the RECEIPT OF DIVIDENDS when declared before the ordinary shareholders (_______) or to PRIORITY CLAIMS ON ASSETS in the event of corporate liquidation (______)

preferred as to dividends preferred as to assets

The number of _______ indicates the MAXIMUM number of shares the corporation can issue a specified in the article of incorporation.

authorized share

The maximum number of shares when multiplied by the par value of the share will yield the _______.

authorized share capital

Note that any increase or decrease in the ____ requires prior approval of the SEC and formal amendment to the articles of incorporation.

authorized share capital

These are shares which have been sold and paid for in full.

issued share capital

_____ may include TREASURY SHARES.

ISSUED SHARES

ISSUED SHARES may include _____.

TREASURY SHARES

______, either ORDINARY SHARES account or PREFERENCE SHARES account, is credited for the total par value of the fully collected subscriptions.

Share Capital

Share Capital, either ______ account or ______ account, is credited for the total par value of the fully collected subscriptions.

ORDINARY SHARES PREFERENCE SHARES

Share Capital, either ORDINARY SHARES account or PREFERENCE SHARES account, is _____ for the total par value of the fully collected subscriptions.

credited

______, either ORDINARY SHARES account or PREFERENCE SHARES account, is CREDITED in the case of no-par value shares, for the total consideration received in relation to the issue.

Share Capital

_____ is DEBITED only when the issued shares are retired, redeemed or cancelled by the corporation.

SHARE CAPITAL

SHARE CAPITAL is ____ only when the issued shares are retired, redeemed or cancelled by the corporation.

DEBITED

It is the portion of the authorized share capital that has been subscribed but not yet fully paid.

subscribe share capital

This shareholders' equity account is CREDITED for the total par value of the shares SUBSCRIBED and DEBITED for the total par value of the fully COLLECTED subscriptions.

subscribed share capital

SUBSCRIBED SHARE CAPITAL The shareholders' equity account is ______ for the total par value of the shares SUBSCRIBED and _____ for the total par value of the fully COLLECTED subscriptions.

CREDITED DEBITED

SUBSCRIBED SHARE CAPITAL The shareholders' equity account is CREDITED for the total par value of the shares _____ and DEBITED for the total par value of the fully ______ subscriptions.

SUBSCRIBED COLLECTED

These are issued shares, which are in the hands of the shareholders.

outstanding share capital

The number of ______ will equal the difference between the ISSUED SHARES and the TREASURY SHARES.

outstanding shares

These are issued shares acquired by the corporation but not retired and are therefore, awaiting to be reissued at a later date.

treasury stock

When shares with _______ are sold, the proceeds should be CREDITED to the SHARE CAPITAL ACCOUNT to the extent of the par value of the shares, with any excess being reflected as SHARE PREMIUM.

WITH PAR VALUE

When shares WITH PAR VALUE are sold, the proceeds should be _____ to the SHARE CAPITAL ACCOUNT to the extent of the par value of the shares, with any excess being reflected as SHARE PREMIUM.

CREDITED

When shares WITH PAR VALUE are sold, the proceeds should be CREDITED to the ______ to the extent of the par value of the shares, with any excess being reflected as SHARE PREMIUM.

SHARE CAPITAL ACCOUNT

When shares WITH PAR VALUE are sold, the proceeds should be CREDITED to the SHARE CAPITAL ACCOUNT to the extent of the par value of the shares, with any excess being reflected as ______.

SHARE PREMIUM

When shares _______ are sold, the proceeds should be CREDITED to the SHARE CAPITAL ACCOUNT. If the _____ has a stated value, the excess proceeds over stated value may alternatively be credited to SHARE PREMIUM.

WITHOUT PAR VALUE NO-PAR STOCK

When shares WITHOUT PAR VALUE are sold, the proceeds should be CREDITED to the ______. If the NO-PAR STOCK has a stated value, the excess proceeds over stated value may alternatively be credited to SHARE PREMIUM.

SHARE CAPITAL ACCOUNT

When shares WITHOUT PAR VALUE are sold, the proceeds should be CREDITED to the SHARE CAPITAL ACCOUNT. If the NO-PAR STOCK has a stated value, the excess proceeds over stated value may alternatively be credited to ______.

SHARE PREMIUM

______ prohibits the ORIGINAL ISSUE of SHARE CAPITAL (or capital stock) for a consideration less than the par or stated value (i.e. issued at a discount)

Section 65 of the Corporation Code

Section 65 of the Corporation Code prohibits the ______ of SHARE CAPITAL (or capital stock) for a consideration less than the par or stated value (i.e. issued at a discount)

ORIGINAL ISSUE

Section 65 of the Corporation Code prohibits the ORIGINAL ISSUE of _____ (____) for a consideration less than the par or stated value (i.e. issued at a discount)

SHARE CAPITAL (or capital stock)

Share capital may be issued in exchange for any of the following considerations:

actual cash paid tangible or intangible properties labor already performed or services rendered incurred indebtedness by the corporation

In issuing its share capital, a corporation may avail of the services of an ____ who is a specialist in marketing shares to investors.

investment banker

The investment banker may _____ a share issue which means that the banker agrees to buy the shares of the corporation and to sell them to investors.

underwrite

The ______ may UNDERWRITE a share issue which means that the banker agrees to buy the shares of the corporation and to sell them to investors.

investment banker

The corporation considers the shares as sold because the _____ will buy the shares that he is not able to sell.

underwriter

An INVESTMENT BANKER who is NOT WILLING TO UNDERWRITE may handle a share issue on a _______.

best efforts basis

Accounting for ______ discovered in the paragraph 37 of International Accounting Standards (IAS) No. 32, Financial Instruments: Presentation:

SHARE ISSUE COSTS

Accounting for SHARE ISSUE COSTS discovered in the _____ of International Accounting Standards (IAS) No. 32, Financial Instruments: Presentation:

paragraph 37

Accounting for SHARE ISSUE COSTS discovered in the paragraph 37 of _______ No. 32, Financial Instruments: Presentation:

International Accounting Standards (IAS)

Accounting for SHARE ISSUE COSTS discovered in the paragraph 37 of International Accounting Standards (IAS) _______:

No. 32, Financial Instruments: Presentation

The transaction costs of an equity transaction are accounted for as a _______ (net of any related income tax benefit) to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided.

deduction from equity

For Philippine Interpretations Committee (PIC) the costs of listing shares in the stock market are not considered as costs of an "______" since no equity instrument has been issued.

equity transaction

The costs of listing shares in the stock market are not considered as costs of an equity transaction, but rather such costs are recognized as an ____ in profit or loss when incurred.

expense

Examples of these types of costs are as follows: audit another professional advice relating to prospectus, opinion of council, tax opinion, fairness opinion and valuation report, and prospectus design and printing.

joint costs

The amount invested in the corporation is called _____

paid in capital or contributed capital

The _____ prohibits the issue of NO-PAR VALUE PREFERENCE SHARES.

Section 6 Of The Corporation Code

The Section 6 Of The Corporation Code prohibits the issue of _______ PREFERENCE SHARES.

NO-PAR VALUE

The Section 6 Of The Corporation Code prohibits the issue of NO-PAR VALUE ______.

PREFERENCE SHARES

Is a legally binding contract which provides for the number of share subscribed, the subscription price, the terms of payment and other conditions of the transactions.

subscription contract

A subscriber becomes a _____ upon subscription but the stock certificates evidencing ownership over shares of stocks are not issued until the full collection of the subscription.

shareholder

It is presented in the statement of financial position as a DEDUCTION from the related Subscribed Ordinary Shares; however when it is collectible within 1 year, this may be shown as a Current Asset.

subscriptions receivable

It is DEBITED for the TOTAL PROCEEDS of the subscriptions to the ordinary shares and CREDITED for the COLLECTIONS on the subscriptions.

subscriptions receivable

Instances when a subscriber fails to settle the subscriptions in full on the date specified in the subscription contract or in the call made by the board of directors, in such case, the subscribe shares are declared ___

delinquent shares

The person who is willing to pay the "offer price" which includes the full amount of the subscription balance plus accrued interest, cost of advertisement and expenses of action sale in exchange for the smallest number of shares.

highest bidder

If there is no bidder, the corporation may bid for the delinquent shares in the total amount you shall be credited as paid and full in the books of the corporation. This is called ____

treasury shares or treasury stock

Treasury stocks are shares of stock which have been issued and fully paid for, but subsequently reacquired by the issuing corporation either by purchase, redemption, donation or through other lawful means.

treasury stock

Such shares may again be disposed of for a reasonable price fixed by the board of directors.

treasury stock

In this section of the corporation code provides that a stock corporation has the power to purchase its own shares for a legitimate purpose provided it has unrestricted retained earnings.

section 41 of the corporation code

It is not an asset because the corporation may not own shares of itself.

treasury stock

To reiterate, it is reported as a deduction from the total shareholders' equity.

treasury stock

There are two methods of accounting for treasury stock transactions, namely:

par or stated value method cost method

In this method, the treasury stock is debited for an amount equal to the par or stated value of the stock required.

treasury stock

It is the preferred method of accounting for treasury stocks by the Accounting Standards Council as stated in the SFAS No. 18 par. 6.

cost method

Represent the component of the shareholders' equity arising from the retention of assets generated from the profit-directed activities of the corporation.

retained earnings

At the end of the accounting period, the _____ account of a corporation is closed to the Retained Earnings account.

Income Summary

At the end of the accounting period, the Income Summary account of a corporation is closed to the ______ account.

Retained Earnings

This account is credited with the corporation's profit or debited with the loss.

retained earnings

100

The basic source of retained earnings is ____.

profit

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